News Release: February 16th, 2004
Guadalupe (La Bufa) Gold
Silver Property optioned to Grid Capital
Almaden Minerals Ltd. (Almaden)
is pleased to announce that its 100% owned Guadalupe gold/silver
project in Mexico has been optioned to Grid Capital Corp. (Grid).
Under the terms of the agreement, Grid must issue to Almaden
400,000 shares and complete exploration expenditures of US$1,000,000
by June 30, 2007, to earn a 50% interest in the project. Grid
is committed to issue 100,000 shares to Almaden upon TSX Venture
Exchange approval of the agreement and to complete US$50,000
in exploration expenditures by June 30, 2004. Grid may earn an
additional 10% interest in the property by issuing a further
100,000 shares and spending a further US$1,000,000 in exploration
expenditures by December 31, 2008.
The Guadalupe project surrounds
the town and mining camp of Guadalupe y Calvo in Chihuahua State,
Mexico. Gold was discovered at Guadalupe y Calvo in October 1835.
Production was sufficiently large that the Mexican Government
built a mint at Guadalupe y Calvo in 1844. L.J. Buchanan (1981)
estimated historic production at 2,000,000 ounces gold and 28,000,000
ounces silver. Estimated production grade was 37 g/t gold and
870 g/t silver.
Almaden and Grid view the
Guadalupe project as an exceptional high-grade gold/silver target
and the combined talents of Grid and Almaden will be focused
on exploring this property. Grid has informed Almaden that it
plans to carry out an exploration project on this new property
in the next two months.
Almaden currently has ten
active joint ventures covering 12 properties, including seven
properties in which partners are spending to earn an interest
in the project and a regional exploration program with partner
BHP Billiton underway to explore for copper-gold deposits in
Mexico.
ON BEHALF OF THE BOARD
OF DIRECTORS
Morgan Poliquin
The Toronto Stock Exchange
has not reviewed nor accepted responsibility for the adequacy
or accuracy of the contents of this news release which has been
prepared by management. Statements contained in this news release
that are not historical facts are forward looking statements
as that term is defined in the private securities litigation
reform act of 1995. Such forward -looking statements are subject
to risks and uncertainties which could cause actual results to
differ materially from estimated results. Such risks and uncertainties
are detailed in the Company's filing with the Securities and
Exchange Commission.
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